Real Estate exports worldwide at $300 billion but Egypt’s share still ‘modest’

Real estate exports worldwide are estimated at $300 billion annually, but Egypt’s share is still very modest, said Egyptian Real Estate Export Council’s head Hisham Shoukry on Sunday.

The share of Southern Europe and Middle East of real estate exports is about $80 billion, divided into five countries; Spain, Greece, Cyprus, Turkey, and Dubai with an average of $15 billion for each country, Shoukry said at Builders of Egypt Forum, which took place in Cairo.

“Egypt’s share of real estate exports does not exceed $500 million per day,” he added.

Moreover, the share of real estate funds reached 50 percent out of the total real estate exports worldwide, and the remaining 50 percent are individuals’ purchases, shoukry said.

Builders of Egypt, one of the country’s most prominent construction conference, kicked off in Cairo on Sunday under the auspices of Egyptian President Abdel Fattah al-Sisi.

Under the rubric Exporting Egypt’s Real Estate and Contracting Services – The New Future of Investments, more than 500 Egyptian, Arab, and African high-profile officials and business executives have participated in the fifth edition of the one-day conference.

The event was also attended by Egyptian Prime Minister Moustafa Madbouli along with Housing Minister Essam El-Gazzar, Public Works Minister Hisham Tawfik, Military Production Minister Mohamed El-Assar, and Transport Minister Kamel El-Wazir.